Iranian Rial Hits New Record Low Amid Ongoing Conflict
The Iranian currency has hit a new record low, with the rial falling to over 2.5 million to the US dollar in Tehran's markets. This decline comes just 27 days after it reached its previous record low of 2.2 million to the dollar on September 2.
The war in the Middle East has severely impacted Iran's economy, which has been under international sanctions for years. The US naval blockade and new sanctions imposed since the start of the conflict have exacerbated the situation, causing a sharp decline in the value of the rial.
Iran's top diplomat, Foreign Minister Abbas Araghchi, expressed hope that indirect negotiations with the US aimed at reopening the Strait of Hormuz would lead to a resolution. The strait is critical for global oil trade and has been under threat since the start of the war.